Recently, the WeChat official account [Photovoltaic Information] (PV-info) learned that on August 5, the People’s Bank of China, the National Development and Reform Commission and other seven departments jointly issued the “Guiding Opinions on Financial Support for New Industrialization.”
The document states that eligible enterprises in emerging industries, such as next-generation information technology, basic and industrial software, intelligent (connected) vehicles, new energy, new materials, high-end equipment, spatiotemporal information, commercial aerospace, biomedicine, and network and data security, will be supported in raising funds in multi-tiered capital markets. Investment reforms will be promoted, and the long-term assessment of investment institutions will be improved. Government investment funds, state-owned enterprise funds, insurance companies, and other long-term funds will be encouraged to accelerate the layout of future industries, focusing on future manufacturing, future information, future materials, future energy, future space, and future health, while ensuring manageable risks. The document also emphasizes the development of a financial standards system that supports the green and low-carbon transition of high-carbon industries. The application of diversified green financial instruments, such as green credit and green bonds, in the green and low-carbon transition of the manufacturing industry will be strengthened.
Adhere to the principle of “establish before dismantling” and encourage banks to support projects and enterprises in high-carbon industries that align with green and low-carbon technology improvements and capacity replacement policies. Improve the incentive and constraint mechanisms for green finance, encourage financial institutions to develop financial products that support green manufacturing, increase investment in environmental protection, energy conservation, water conservation, clean production, comprehensive resource utilization, green manufacturing, and low-carbon development, and support the green and low-carbon transformation and upgrading of green factories.
The People’s Bank of China and seven other departments jointly issued the “Guiding Opinions on Financial Support for New Industrialization”
To thoroughly implement the spirit of the Third Plenary Session of the 20th CPC Central Committee, implement the arrangements of the National Conference on Promoting New Industrialization, and accelerate the construction of a strong financial and manufacturing country, the People’s Bank of China, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Finance, the State Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange recently jointly issued the “Guiding Opinions on Financial Support for New Industrialization” (hereinafter referred to as the “Opinions”).
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Opinions uphold financial services for the real economy as its fundamental purpose and a fundamental measure for preventing and resolving financial risks. Focusing on the major strategic task of new industrialization, the Opinions deepen supply-side structural reform of finance driven by demand, strengthen the coordination of industrial and financial policies, and provide high-quality financial services to promote new industrialization and accelerate the development of new-quality productive forces. Adhering to differentiated policy measures and providing both support and control, the Opinions promote the accelerated transition of industries to mid- and high-end markets and prevent involutionary competition. By 2027, the financial system supporting the high-end, intelligent, and green development of manufacturing will be largely mature, with significantly enhanced service adaptability.
The Opinions propose targeted support measures for key areas of new industrialization. Financial policy tools will be optimized to support key technology products and research, patient capital will be introduced through multiple channels for the transformation of scientific and technological achievements, comprehensive financial services will be strengthened for key enterprises in the industrial chain, and the technological innovation capabilities of the industry and the resilience of the industrial chain supply chain will be enhanced. Five major areas will be developed, including science and technology finance, green finance, and digital finance. The industrial chain financial service model based on “data credit” and “material credit” will be deepened to support the transformation and upgrading of traditional industries and the cultivation and growth of emerging industries. Credit management mechanisms and financial product services related to industrial transfer in the central and western regions will be improved, and the concentration and specialized development of financial resources in industrial clusters will be promoted. A series of cross-border financial service facilitation measures will be promoted, including trade settlement, fund management, investment and financing, to support the rational layout of industries and expand development space, thereby strengthening the domestic circulation.
The Opinions strengthen financial service capabilities and long-term mechanisms to maintain a reasonable proportion of investment in the manufacturing sector. Financial institutions will improve their internal mechanisms for serving the manufacturing sector, establish separate credit plans for the manufacturing sector, and formulate differentiated credit policies tailored to specific industries and the growth stages of enterprises. They will cultivate a team of interdisciplinary talent in the science and technology industry and finance, encouraging financial institutions to build comprehensive financial management and service teams. They will establish and improve four mechanisms: cross-departmental coordination and promotion, policy incentives and constraints, local policy support, and coordinated risk prevention and control. They will leverage the guiding role of structural monetary policy and macro-credit policy to enhance the intensity, precision, and validity of financial support for new industrialization.
In the next step, the People’s Bank of China and the Ministry of Industry and Information Technology will work with relevant departments to fully promote the implementation of various measures in the “Opinions”, deepen industrial and financial cooperation, improve the financial support system for new industrialization, and provide stronger financial support for accelerating the promotion of new industrialization.
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People’s Bank of China, Ministry of Industry and Information Technology, National Development and Reform Commission, Ministry of Finance, State Administration of Financial Supervision, China Securities Regulatory Commission, State Administration of Foreign Exchange
Guiding Opinions on Financial Support for New Industrialization
Industry is the foundation of a nation and the cornerstone of high-quality economic and social development. Achieving new-type industrialization is a key task in comprehensively advancing China’s national strength and national rejuvenation through Chinese-style modernization. To accelerate the development of a strong financial and manufacturing nation and establish a financial system compatible with advancing new-type industrialization, the following opinions are proposed.
1. General requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the Second and Third Plenary Sessions of the 20th Central Committee, implement the deployment of the National Conference on Promoting New Industrialization, fully, accurately, and comprehensively implement the new development concept, coordinate development and security, and firmly uphold financial services for the real economy as our fundamental purpose and the fundamental measure for preventing and resolving financial risks. We will adhere to market-oriented and rule-of-law principles, focus on the major strategic tasks of new industrialization, deepen financial supply-side structural reform, deepen industrial and financial cooperation, strengthen the coordination of industrial and financial policies, and enhance the intensity, precision, and effectiveness of financial support. We will provide high-quality financial services for building a modern industrial system led by scientific and technological innovation and supported by advanced manufacturing, steadily advancing new industrialization, and accelerating the development of new-quality productive forces. We will adhere to differentiated policies, providing both support and control, to promote the accelerated advancement of industries towards mid- and high-end markets and prevent “involutionary” competition.
By 2027, the financial system supporting the high-end, intelligent, and green development of manufacturing will be largely mature, with a richer product range. Loans, bonds, equity, insurance, and other financial instruments will be more closely linked and interconnected, effectively preventing cross-cutting financial risks, and service adaptability will be effectively enhanced. The effective credit needs of manufacturing enterprises will be fully met, the number and scale of bond issuance by manufacturing enterprises will continue to grow, and the level of equity financing will be significantly improved.
2. Support the improvement of industrial technological innovation capabilities and the resilience of industrial chain and supply chain
(1) Optimize financial policy tools to support key technology and product research. Leverage the incentive role of structural monetary policy tools to guide banks to provide medium- and long-term financing for key technology and product research in key manufacturing industry chains, such as integrated circuits, industrial machine tools, medical equipment, servers, instrumentation, basic software, industrial software, and advanced materials. Encourage all financial institutions, based on their respective functions, to utilize appropriate financial products and tools to serve industrial base reconstruction projects and major technological equipment research projects. For technology companies that achieve breakthroughs in key core technologies, a “green channel” for listing financing, mergers and acquisitions, and bond issuance will be implemented. Increase support for the promotion and application of first-of-its-kind major technological equipment, first-batch new materials, first-edition software, and specialized, specialized, and innovative small and medium-sized enterprises, high-tech enterprises, unicorn enterprises, and key industrial chain and supply chain enterprises.
(2) Introduce long-term funds and develop patient capital to accelerate the transformation of scientific and technological achievements. Support collaboration between financial institutions and technology intermediary service agencies to explore and develop diversified financing service models to revitalize scientific and technological R&D resources and achievements. Implement the “Technology Industry Financial Integration” special project, conduct “One Chain per Month” investment and financing roadshows and the “Thousands of Sails and Hundreds of Boats” program to cultivate the listing of specialized, innovative, and innovative small and medium-sized enterprises. Optimize the evaluation system for hard technology attributes, strengthen guidance on listing expectations and policy incentives, and encourage social capital to invest early, in small, long-term, and in hard technology. Promote customized financial services such as credit financing, information resources, financial advisory, and management consulting for high-level talent in innovation and entrepreneurship. Encourage venture capital funds to collaborate with national manufacturing innovation centers, universities and research institutes, entrepreneurial incubation platforms, public service agencies for small and medium-sized enterprises, high-level manufacturing pilot platforms, and pilot units for the industrialization of results from national key R&D programs to empower the transformation and industrialization of scientific and technological achievements. Develop venture capital secondary market funds, optimize the business processes and pricing mechanisms for venture capital fund share transfers, and promote the coordinated development of regional equity markets and venture capital funds. Encourage business incubators to explore direct investment, funds, property rental equity, service-for-equity, and other models to invest in incubated companies. Support insurance institutions to collaborate with pilot testing institutions on innovative insurance business.
(3) Strengthen financial services for key enterprises and support the independent and controllable development of the industrial chain. Guide financial institutions to use a variety of tools such as loans, bonds, equity, and insurance to provide comprehensive financial services to key chain-leading enterprises and important supporting enterprises in the industrial chain, provide financial solutions for the stable operation of enterprises that are more affected by external factors, and support private enterprises to actively participate in the construction of independent and controllable industrial chains. Improve M&A loan policies, support chain-leading enterprises to focus on the upstream and downstream of the industrial chain to carry out “chain-filling” and “chain-extending” investments, and drive the coordinated development of the entire industrial chain. Support mining companies to accelerate the increase in reserves and production of important minerals and improve the supply guarantee capacity of strategic resources, on the premise of complying with national industrial policies. Guided by industrial demand, improve the futures product system and promote the supply and price stability of bulk commodities.
3.Support the accelerated construction of a modern industrial system
(4) Optimize financial services for traditional manufacturing and promote industrial transformation and upgrading. Guide banks to optimize credit policies based on the principle of both support and control, and increase financing support for the high-end, intelligent, and green development of traditional manufacturing, as well as for enterprises to increase product variety, improve quality, and create brands. Strengthen diversified financial support for the digital transformation of the manufacturing industry, especially for small and medium-sized enterprises and digital transformation providers. Leverage the dual functions of financing and financing of goods in financial leasing to support enterprises in the digital transformation of production equipment, the upgrade and replacement of intelligent equipment and software, the acquisition of green and environmentally friendly equipment, and the application of safety and emergency equipment. Promote the securitization of manufacturing financial leasing debt assets. Strengthen bond product innovation to support technological transformation and upgrading, the construction of smart factories, and the digital transformation of small and medium-sized enterprises. Support listed companies in industry integration and upgrading through overall listings, private placements, and asset acquisitions. Encourage insurance companies to actively develop various types of technology insurance business to provide risk protection for the transformation and upgrading of the manufacturing industry and the security of enterprise data assets.
(5) Improve the quality and efficiency of science and technology finance, supporting the growth and development of emerging industries and the forward-looking layout of future industries. Support financial institutions in developing diversified, relay-style science and technology financial service models, expand science and technology loans, and increase investment and underwriting efforts in science and technology innovation bonds. Promote the use of evaluation results for the specialized, specialized, and innovative development of small and medium-sized enterprises, and strengthen financing and credit enhancement services. Fully implement the “Innovation Points System” and standardize the development of intellectual property pledge loans and other businesses. Support qualified enterprises in emerging industries such as next-generation information technology, basic and industrial software, intelligent (connected) vehicles, new energy, new materials, high-end equipment, spatiotemporal information, commercial aerospace, biomedicine, and network and data security to raise funds in multi-tiered capital markets. Promote reforms on the investment side, improve the long-term assessment of investment institutions, and encourage long-term funds such as government investment funds, state-owned enterprise funds, and insurance companies to accelerate the layout of future industries, focusing on future manufacturing, future information, future materials, future energy, future space, and future health, while ensuring that risks are manageable.
(6) Leverage the driving role of green finance to support the green, low-carbon, and circular development of industries. Accelerate the development of a financial standards system that supports the green and low-carbon transformation of high-carbon industries. Strengthen the application of diversified green financial instruments such as green credit and green bonds in the green and low-carbon transformation of the manufacturing industry. Adhere to the principle of “establishing first, then dismantling,” and encourage banks to support projects and enterprises in high-carbon industries that align with the direction of green and low-carbon technology improvement and capacity replacement policies. Improve the incentive and constraint mechanisms for green finance, encourage financial institutions to develop financial products that support green manufacturing, increase investment in environmental protection, energy conservation, water conservation, clean production, comprehensive resource utilization, green manufacturing, and low-carbon development, and support the green and low-carbon transformation and upgrading of green factories.
(7) Strengthen digital financial empowerment and promote the deep integration of the digital economy and the real economy. Support financial institutions in utilizing technologies such as big data, blockchain, and artificial intelligence to streamline business procedures and improve efficiency in serving the manufacturing industry, particularly small and medium-sized enterprises. Strengthen medium- and long-term loan support for the development of digital infrastructure, including 5G, the Industrial Internet, and data and computing centers. Actively utilize financial leasing, real estate trust investment funds, and asset securitization to broaden funding sources for digital infrastructure development. Promote the development of digital industrial financial service platforms by banks. Focusing on key manufacturing industry chains, strengthen scenario aggregation, ecosystem integration, information collection, data verification, valuation and pricing, and product innovation to achieve “one-stop” financial services such as settlement, financing, and cash management. Orderly advance the development of a national credit information sharing platform for the capital flow of small, medium, and micro enterprises, optimize credit information for first-time borrowers, and enhance financing availability for small, medium, and micro enterprises in the manufacturing industry. Encourage financial institutions to collaborate with the China SME Service Network to provide convenient “financing” services for small and medium-sized enterprises.
(8) Deepen financial services for industrial chains and promote the integration of capital chains and industrial chains. Financial institutions are encouraged to provide receivables, inventory, warehouse receipts, and order financing services to small and medium-sized enterprises (SMEs) along the supply chain based on “data credit” and “object credit,” leveraging big data and specific scenarios. Leverage the credit information of SME cash flows to explore “de-core” supply chain models that are independent of the credit of core enterprises. Support corporate credit reporting agencies in integrating and connecting data from large manufacturing enterprises, warehousing and logistics companies, and other industrial chain entities, providing banks with information on the status of enterprises along the supply chain, supply and marketing transactions, and account rights confirmation. Improve the business and technical standards for inventory (warehouse receipt) financing supervision warehouses, support the development of high-quality intelligent supervision warehouse platforms, and expand online inventory (warehouse receipt) financing models. Deepen the development and application of supply chain bill platforms and the unified registration and publicity system for movable property financing, and improve the service quality and efficiency of accounts receivable financing service platforms. Leverage the professional advantages and technological service capabilities of financial institutions in fund custody, matchmaking, and financial management to promote the integration of SMEs into the industrial chain development ecosystem.
4.Supporting the rational layout of industries and expanding development space
(9) Enhance the flexibility of financial services for industrial transfer and help optimize the regional layout of industries. Promote financial institutions to optimize the layout of financial resources and provide financing support for the transfer of industries to qualified regions in the central, western, and northeastern regions. Promote large banks to optimize cross-regional credit management systems, strengthen information sharing and service coordination between branches in areas of industrial transfer and receiving areas, and provide comprehensive services such as project matchmaking and strategic consulting to industrial receiving areas. Strengthen the sharing of public data and information by receiving government departments with financial institutions, and support branches in receiving areas to provide credit support to receiving enterprises in their initial stages of establishment based on historical data such as the production and operation, financial indicators, market position, and credit records of the transferring enterprises. Improve M&A loans, fixed asset loans, and syndicated loan services to better serve transfer models such as mergers and acquisitions, joint ventures, and cooperation. Accelerate the development of a technology transfer system and promote the deep integration of technological and capital factors.
(10) Enhance the professionalism of financial services for specialized industries and support the development of industrial clusters. Promote national banks to establish specialized branches. Under the premise of manageable risks, increase the authorization of local branches for advanced manufacturing clusters, specialized SME industrial clusters, and innovative industrial clusters to create financial services for specialized industrial clusters. Encourage local small and medium-sized banks to develop loan products tailored to regional industrial characteristics and enhance the professionalism of serving niche industries. Promote legal and compliant cooperation between large banks and national-level industrial funds in the manufacturing sector to provide comprehensive financial services for advanced manufacturing clusters and specialized SME industrial clusters. Support venture capital funds and other entities to establish presence in clusters. Develop high-quality specialized boards in regional equity markets for specialized, innovative, and innovative sectors, and strengthen the incubation, guidance, and professional services for companies going public.
(11) Enhance the convenience of cross-border financial services and expand the space for high-level two-way opening-up and development. Optimize the supply of financial products and services for manufacturing foreign trade. Launch special initiatives to serve small and medium-sized enterprises going global. Enhance the facilitation of current account balances and payments, ensuring that enterprises can conduct cross-border trade settlement safely, efficiently, and conveniently. Expand the scale of RMB settlement for cross-border trade to better meet the foreign trade settlement needs of enterprises. Promote the improvement of the quality and efficiency of trade balance facilitation policies for high-quality enterprises. Support qualified enterprises in piloting cross-border fund pooling services to facilitate the coordinated transfer and use of domestic and overseas funds. Further expand export credit insurance and credit provision in the foreign trade sector. Strengthen publicity and policy support for foreign exchange hedging services to enhance the exchange rate risk management capabilities of enterprises going global. Expand the scope of the pilot program for cross-border financing facilitation for high-tech enterprises, specialized, innovative, and technology-based SMEs. Orderly expand the scope of the pilot program for exempting foreign-invested enterprises from registration for reinvestment to facilitate domestic equity investment by foreign-invested enterprises. Optimize and improve the Qualified Foreign Limited Partner (QFLP) pilot program. Improve the negative list for the use of capital account income to improve the efficiency of enterprises in utilizing foreign capital.
5.Strengthening financial support for new industrialization capacity building
(12) Improve the internal mechanisms of financial institutions serving the manufacturing industry. Financial institutions should incorporate serving new industrialization into their long-term operational strategies, promptly adjust their operations based on national development needs and trends in industrial transformation and upgrading, and increase support for medium- and long-term loans and credit lines for the manufacturing industry. Banks should establish separate credit plans for the manufacturing industry, strengthen resource guarantees in areas such as economic capital allocation, improve due diligence exemptions and incentive mechanisms, and mobilize grassroots frontline personnel to actively serve small and medium-sized manufacturing enterprises. Support banks in developing credit evaluation models adapted to the requirements of new industrialization development, and formulate differentiated credit policies and access standards based on the characteristics of specific industries and enterprise growth stages. Guide financial institutions to adhere to the “two unshakable” principles, treat all types of enterprises equally, and strengthen financial services for private manufacturing enterprises.
(13) Strengthen the coordination and cooperation of various financial instruments. Promote information sharing and business cooperation among banks, insurance companies, securities companies, funds, financing guarantee institutions, and financial asset management companies, while preventing cross-cutting financial risks and protecting customer privacy. Support financial holding companies in integrating various financial resources within their groups to provide comprehensive financial services to enterprises. Encourage insurance institutions, bank wealth management subsidiaries, financial leasing companies, and financial leasing companies to provide long-term and stable financial support for the development of advanced manufacturing through equity, bonds, private equity funds, and financial leasing, under the premise of controllable risks and commercial consent.
(14) Cultivate a team of interdisciplinary talents in science, technology, industry, and finance. Explore and improve a professional organizational system for science and technology financial services, carry out joint talent development for various science and technology parks and science and technology enterprises, and enhance the level of financial services in areas where science and technology resources are concentrated, such as national high-tech zones. Encourage financial institutions to recruit and introduce talents with professional backgrounds in advanced manufacturing and related science and technology fields to build interdisciplinary financial management and service teams. Encourage financial institutions to station financial specialists in key industrial chain backbone enterprises, advanced manufacturing clusters, small and medium-sized enterprise specialty industrial clusters, national high-tech industrial development zones, and national-level new areas, and regularly station them in enterprises and parks. Support key enterprises, small and medium-sized enterprise public service agencies, and industrial park management and financial personnel to exchange and learn with financial institutions, and improve the compatibility of corporate financial management processes with bank loan review processes.
6.Strengthen the coordination and linkage between financial and industrial policies
(15) Strengthen organizational leadership and coordinated promotion mechanisms. The People’s Bank of China, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Finance, the State Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will strengthen information sharing and policy coordination, enhance consistency in macroeconomic policy orientations, and optimize the environment for policy implementation. Improve the working mechanism for expanding medium- and long-term lending to the manufacturing industry, establish and improve a regular project recommendation mechanism for key industries, leverage the role of the national industrial-financial cooperation platform, continuously increase efforts in project promotion, financing matching, and factor security, and encourage financial institutions to support key areas of new industrialization. Guide financial institutions to fully collaborate with competent authorities, industry associations, key universities, and backbone enterprises to create a closed-loop financial support ecosystem. Strengthen the integration of policies and standards, incorporate industry standards into financing and credit approval, listing review, and regulatory assessments, and incorporate financial indicators into project evaluation and enterprise cultivation.
(16) Strengthen policy incentives and constraints. Deepen the implementation of refinancing and interest rate subsidies for scientific and technological innovation and technological transformation, effectively utilize monetary policy tools such as carbon emission reduction support tools, small business refinancing, and rediscounts, to support key areas of new industrialization and the development of small and medium-sized enterprises. Strengthen key monitoring of manufacturing credit, urge banks to implement all policy requirements, continuously strengthen macro-credit policy guidance, and foster a healthy financial market order. Improve green finance evaluation indicators, moving beyond simply using the financing scale of the “two highs, one capital” industries as evaluation criteria.
(17) Improve local policy support mechanisms. Local departments of industry and information technology, development and reform, and other relevant departments, in conjunction with financial management departments, will establish a one-on-one guidance mechanism for major industrial financing projects in their regions, actively coordinating to resolve issues such as incomplete requirements and information asymmetry in project financing. Local government-backed financing guarantee institutions will be encouraged to provide credit enhancement support for qualified small and micro manufacturing enterprises by improving capital replenishment mechanisms, strengthening re-guarantees and risk compensation, and optimizing performance assessments. National pilot cities for industrial and financial cooperation will be encouraged to strengthen coordinated innovation in industrial, fiscal, and financial policies, and improve mechanisms such as risk compensation and loan interest subsidies. Leverage the role of the national integrated financing credit service platform network to support financial institutions in deepening the development and utilization of credit information. The establishment of an industry expert database and a database for evaluating enterprise innovation capabilities will be encouraged to provide intellectual and information support for financial institutions’ loan review and decision-making.
(18) Establish and improve a coordinated risk prevention and control mechanism. Establish a joint assessment and early warning mechanism for industrial and financial risks. The Ministry of Industry and Information Technology, the National Development and Reform Commission, and other departments will strengthen risk assessments for major projects and key industries, and promptly share information on high-risk projects and enterprises with financial management departments and financial institutions. Promote financial institutions to implement national industrial policy requirements, strengthen credit risk management and monitoring of fund use, prevent the risks of arbitrage and misappropriation, and help prevent “involutionary” competition. Strictly implement manufacturing loan classification requirements to accurately reflect the risk profile of manufacturing loans. Support banks in increasing their efforts to resolve corporate non-performing loans in accordance with the law through restructuring, write-offs, transfers, and other means.
People’s Bank of China
Ministry of Industry and Information Technology
National Development and Reform Commission
Ministry of Finance
Financial Regulatory Administration
China Securities Regulatory Commission
State Administration of Foreign Exchange
July 29, 2025
Post time: Aug-07-2025